“I’m not gaining any confidence from what the Fed has been doing here. I actually think you’re going to be talking about a flash cash â€” they’ve set it up, we’re vulnerable to another one,” Griffiths said.

Dollar weakness means that European investors should be cautious of buying into dollar assets and should have been clear for the past decade, according to Griffiths.

“If we had at any stage in the last ten years bought America, we would be down 54 percent at this moment. It really is for losers,” he said.